Blackstone Inc., a global leader in alternative asset management,
, a prominent out-of-home media operator. The strategic move is expected to propel New Tradition's growth and expand its network of real estate and advertising relationships. Blackstone's expertise in scaling founder-led businesses and its extensive knowledge of commercial real estate make it an ideal partner for New Tradition.
Founded in 2010, New Tradition Media has established itself as a leading provider of premium digital and static signage for national brands and advertising agencies. The company manages a portfolio of iconic out-of-home advertising assets across major markets in the United States, including the famous One Times Square in New York City and The Reef in Los Angeles. With its innovative solutions and strong industry reputation, New Tradition has become a go-to choice for brands looking to engage with consumers on the go.
The partnership with Blackstone Tactical Opportunities will bring significant advantages to New Tradition. Blackstone, being the largest owner of commercial real estate globally, can offer valuable resources, scale, and relationships to support the company's expansion and drive further innovation. This collaboration will allow New Tradition to enhance its footprint, reach new clients, and continue providing cutting-edge out-of-home advertising solutions.
The management team of New Tradition, including Evan Richheimer, Bret Richheimer, Vince Mastria, and Lu Cerda, will remain at the helm of the company, overseeing day-to-day operations. They will also retain a significant equity stake in the business, demonstrating their commitment and confidence in the partnership with Blackstone.
Evan Richheimer, Co-Founder and CEO of New Tradition, expressed excitement about the collaboration, highlighting Blackstone's proven track record in scaling founder-led businesses and its real estate expertise. He believes that this partnership will enable New Tradition to accelerate its expansion and deliver exceptional out-of-home advertising solutions to both new and existing clients.
John Watson, Managing Director, and Kern Vohra, Senior Associate, at Blackstone, emphasized the transformative role of digital signage in reshaping the advertising industry. They recognized the leadership and achievements of New Tradition's management team in creating iconic advertising activations nationwide. By leveraging Blackstone's scale, resources, and relationships, they aim to support New Tradition's ongoing expansion and foster innovation within the company.
Details of the transaction, including the financial terms, were not disclosed to the public. Blackstone received financial advice from Moelis & Company LLC and legal advice from Weil, Gotshal & Manges LLP. New Tradition was advised by Solomon Partners and received legal counsel from Lowenstein Sandler LLP.
Blackstone, with $991 billion in assets under management, is committed to creating positive economic impact and long-term value for investors, companies, and communities. The firm's diverse investment vehicles cover various sectors, including private equity, real estate, credit, infrastructure, life sciences, growth equity, public securities, and secondary funds. Through the partnership with New Tradition, Blackstone further expands its reach in the advertising industry.
As for New Tradition, the company's focus on premium out-of-home media and its impressive inventory of high-profile assets position it as a key player in the market. Its presence spans across major cities, such as New York, Los Angeles, Chicago, Atlanta, Washington DC, and more. By leveraging its extensive experience and the support of Blackstone, New Tradition is poised to continue delivering exceptional campaigns and engaging audiences in impactful ways.
This strategic investment marks an exciting chapter for both Blackstone and New Tradition Media. With Blackstone's backing, New Tradition is well-positioned to solidify its market presence, innovate within the out-of-home media landscape, and continue providing advertisers with top-tier solutions to captivate audiences on the move.